JSW Steel And AION’s Bid To Acquire Monnet Ispat Secures CCI Approval

Written By:
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The Competition Commission of India has approved a bid by a consortium led by JSW Steel to acquire Monnet Ispat and Energy Ltd (MIEL) in an insolvency auction.

    JSW Steel And AION’s Bid To Acquire Monnet Ispat Secures CCI Approval

    Currently, Monnet Ispat is a bankrupt company.

    Monnet Ispat's committee of creditors, had approved the resolution plan submitted by the only bidder Sajjan Jindal's JSW Steel and AION Investments Private II Limited.

    "The Competition Commission of India (CCI) considered the proposed combination and is of the opinion that there is no appreciable adverse effect on competition," JSW Steel said in a regulatory filing.

    Resolution Plan is subject to the approval of the National Company Law Tribunal (Mumbai bench), it added in the statement.

    Under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016, the JSW Steel and AION Investments Private II Limited had previously submitted a bid for MIEL.

    Goodreturns.in

    Read more about: cci jsw steel insolvency auction
    Story first published: Saturday, May 12, 2018, 14:16 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more